Technical analyst Anu Jain is bullish on Shree Renuka Sugars Ltd and has recommended 'buy' rating on the stock with a target of Rs 104 in its latest research report.

According to Jain, the interested investors can buy the stock with a stop loss of Rs 95.50.

The stock of the company, on Nov 05, closed at Rs 97.30 on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 123.60 and a low of Rs 53 on BSE.

According to latest reports, Shree Renuka Sugars Ltd would announce its quarterly outcomes on November 15.

The company said that its board of directors will meet on November 15 to consider and approve Un-audited Financial Results for the three month period and half year ended on September 30, 2010.

The reports added that the company is eyeing to get hold of more Brazilian sugarcane mills in order to add to the local assets it adopted earlier this year.

Shree Renuka purchased two local sugar and ethanol firms during the existing year, marking its foray in the world's biggest sugar fabricator.

Shree Renuka's president, Narendra Murkumbi stated, "Were looking at expanding (our current assets) and, of course, we're open to more acquisitions."

Mr. Murkumbi also said that the leading Indian refiner is not currently in talks with any potential targets.